CBN probe: Panel indicts Soludo

Soji Eze Fagbemi, Abuja - 09.05.2008

The presidential committee set up to investigate the alleged movement of funds through the African Finance Corporation (AFC) in the Central Bank of Nigeria (CBN) has submitted its report to President Umaru Yar’Adua.

The report, Nigerian Tribune learnt, indicted the CBN Governor, Professor Chukwuma Soludo, for violation of Section 9 of CBN Act 2007 and ordered that $479 million and another N894 million be returned immediately to the CBN.

Following revelation of frauds in CBN and AFC, the Federal Government had set up a committee, headed by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) head of Investigative Department, Mr. Tunde Ogunsakin, to investigate the fraud.

Nigerian Tribune gathered that the committee submitted the report to President Yar’Adua last Monday and that the president was surprised about the findings of the committee.

According to the report, the CBN spent $17 million as pre-operational expenses to midwife AFC before commencement, tagged as consultancies and travelling, while the CBN invested another $462 million on equity contribution to AFC.